Piper Jaffray's Munster Lifts Price Target on Google (GOOG) to $471, Says No Google-Killer In Sight

May 13, 2009 9:58 AM EDT

Piper Jaffray's Gene Munster raised his price target on Google (Nasdaq: GOOG) from $424 to $471, reiterating his Buy rating on the Internet giant following yesterday's Searchology event.

Munster said if you're still looking for a Google Killer "don't hold your breath." Munster said Google continues to innovate in search and he believe their position of leadership will remain over the long term.

Munster notes Google introduced Google Search Options, Google Squared, and Rich Snippets. Google Search Options offers users the ability to better filter results by date and genre, as well as find additional relevant topics. Google Squared pulls data from the web regarding a user's query and organizes it in a spreadsheet. Rich Snippets allows Google to show more information about individual results on its results page.

Commenting on the new products Munster said, "While the products were more evolutionary than revolutionary, we believe these products demonstrate Google's dedication to innovation. The bottom line is that we expect Google's continued product improvement to allow the company to maintain its leadership position in search for the foreseeable future."

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• Piper Jaffray
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